ADCB – Egypt top banks in Focusing on corporate Deposits by September - 2023 end
First Bank
Abu Dhabi Commercial Bank - Egypt, topped First Bank list for banks focusing on corporate deposits by the end of September 2023, maintaining its top position as it ranked first in 2022.
ADCB corporate deposits received 84.87% of the bank's deposits which accounted for 75.73 bn EGP deposits by the end of September 2023, while the corporate deposits portfolio was approximately 62.66 bn by the end of the same period.
The Bank has been performing strongly since entering the Egyptian banking market in August 2020, with its asset portfolio rising by 160.3%, reaching EGP 87.3 bn by the end of September 2023, compared to EGP 33.5 bn by the end of September 2020, with an increase of EGP 53.8 bn.
Total customer loans of the Bank jumped to EGP 34.5 bn by Q3 of 2023, compared to EGP 16.5 bn by the same period of 2020, with a growth of 109.1%, an increase of about EGP 18 bn.
The deposits portfolio rose from EGP 28.9 bn by the end of September 2020, to EGP 75.7 bn by the end of September 2023, with a growth of 162.1% and an increase of EGP 46.8 bn.
The bank's net profits jumped by 254.2%, registering EGP 1.3 bn during the first 9M of 2023, compared to EGP 369.1 mn during the same period in 2020, with an increase of EGP 938.3 mn.
Net interest income rose to EGP 3.2 bn during the first 9M of 2023, compared to EGP 904 mn during the same period in 2020, with a growth of 255%, an increase estimated at EGP 2.3 bn.
Net fees and commissions income rose to EGP 469.8 mn during the first 9M of 2023, compared to EGP 111.4 mn during the same period in 2020, with a growth rate of 322% and an increase of EGP 358.4 mn.
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